Chapter 20, Problem 4SEB

STOCK ISSUANCE (NONCASH ASSETS, SUBSCRIPTIONS, AND TREASURY STOCK) Brant & Evans had the following stock transactions during the year:

1. (a) Issued 6,000 shares of common stock with a $5 par value in exchange for real estate (land) with a fair market value of $33,500.
2. (b) Issued 5,500 shares of common stock with a $5 par value and $7 fair market value in exchange for a building with an uncertain fair market value.
3. (c) Received subscriptions for 11,000 shares of $5 par common stock for $58,000.
4. (d) Received a payment of $29,000 on the stock subscription in transaction (c).
5. (e) Received the balance in full for the stock subscription in transaction (c) and issued the stock.
6. (f) Purchased 2,000 shares of its own $5 par common stock for $6 a share.
7. (g) Sold 1,000 shares of the treasury stock in transaction (f) for $6.50 a share.
8. (h) Sold 1,000 shares of the treasury stock in transaction (f) for $5.75 a share.

Prepare general journal entries for these transactions, identifying each by letter.